The understanding of the impact of different categories of extreme weather events on economic growth rates is critical but limited. Using panel data from 183 countries during 1960-2021, this study aims to address this gap by investigating divided effects of heat waves, cold spells, floods, and droughts on two income groups of countries. The results show that an additional flood globally increases the average growth rate of per capita gross domestic product (GDP) by 0.5%, driven by low- and lower-middle income countries. Conversely, an additional occurrence of drought leads to a decrease of 0.4% in the average growth rate of GDP in these poorer economies. Additionally, the change rate of agricultural value added per capita is more sensitive to the occurrence of weather hazards than industrial and services value added per capita. These findings suggest that low- and lower-middle income countries are more vulnerable to droughts, which result in negative and long-lasting consequences.